The ever-changing healthcare landscape means the billers also have to continuously keep update their skills and concepts to stay on top of the changes and make sure they are not leaving money on the table. With the introduction of EMR and advanced practice management software the general belief is that the standards of billing and collection will be like never before and every claim should be billed out accurately and collected upon in a timely manner. Unfortunately, according to industry sources, independent medical practices are still leaving as much as 30% potential revenue on the table due to the inefficiencies in the billing and collection process. This happens because, the rejection and denial rate is still too high and almost 50 % of denials never get re-worked resulting in 5-7 % loss of potential revenue. When you have too many denials your revenue can pretty easily get locked in the Accounts Receivable and that can have serious impact to your cash flow.
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The Urgent Care industry is going from strength to Strength. What’s been driving this growth is their ability to provide affordable, efficient and quick medical care. This trend is sure to continue and as per projections the industry will hit $21 billion by 2020.
On one hand the industry is booming and on the other hand a lot of clinics are complaining of shrinking profit margins. A lot of this has to do with the inefficiencies in their revenue cycle management processes. The challenges are many ranging from technological deficiencies to lack of billing & coding expertise. Urgent Care clinics must pay close attention to their revenue cycle performance for them to continue being profitable. Cosentus believes every Urgent Care clinic must pay close attention to these 4 areas for maximize their revenue.
Negotiating profitable contracts with Insurance carriers is critical to the success of urgent care centers. However, considering that Insurance companies constantly want to reduce their costs, this is easier said than done. The key is letting the insurance carriers know how by paying you more they are still going to save cost. We recommend you try these 4 tricks, if done right, these steps will help you negotiate the best reimbursement from the insurance.